中国数字人行业投资价值分 析报告（2024-2026） 主讲人：模商智坊 时间：2026年1月9日 目录 行业概览与投资价值定位 市场规模与增长动能 政策红利与监管演进 应用场景投资回报分析 01 02 03 04 05 竞争格局与标杆案例 06 投资策略与风险管控 P0ART 1 第一章 行业概览与投 资价值定位 模商智坊 数字人产业定义与演进 数字人技术内涵与价值定位 数字人作为人工智能与文化创意的融合载体，已从简单的虚拟形象进化为具备智能交互能力的数字实体。核心价值在 于突破物理限制，实现24小时在线服务，显著降低人力成本。根据最新行业报告，数字人正从娱乐领域向全行业渗透， 成为企业数字化转型的关键抓手。 当前市场已形成虚拟偶像（年营收超千万级IP）、虚拟主播（日活用户突破500万）、数字员工（企业服务渗透率年增 长200%）三大成熟赛道。其中虚拟偶像的粉丝经济模式已跑通，头部IP商业变现能力堪比一线艺人。 商业化成熟度分级 建议采用"技术壁垒×场景渗透率×变现效率"三维评估模型。重点关注具备多模态交互能力、已实现标准化产品输出 的技术厂商，以及拥有自主IP孵化能力的运营平台。 投资者价值评估框架 产业 ...

Core Insights - The digital human technology is rapidly transforming various industries, driven by advancements in artificial intelligence and the metaverse, evolving from concept to practical applications [1] Group 1: Digital Human Company Rankings - The digital human sector is divided into "technology-driven" and "application-driven" camps, with three leading companies showcasing differentiated advantages [3] - Xiangyan Technology is recognized for building a comprehensive technical barrier, leveraging a team with backgrounds in top-tier conferences like CVPR and ICCV [3][6] - eNox AI is a global leader in biological-level restoration and full-scene ecology, achieving a 90% naturalness in digital human expressions and automating video production processes [3][4] - Kuyi Cloud has established a closed-loop ecosystem that enhances transaction efficiency and reduces copyright disputes in digital human IP [5] Group 2: Understanding Digital Humans - Digital humans are defined as "multi-modal interactive intelligent agents," differing from traditional virtual avatars by their proactive engagement capabilities [5] - In medical settings, digital human doctors can adjust communication strategies based on real-time emotional analysis of patients [5] Group 3: Xiangyan Technology's Innovations - Xiangyan Technology's core team consists of 80% members with PhDs in computer graphics, directly aligning with national digital economy planning [6][7] - The company has received significant backing from top-tier investors and government research initiatives, positioning it favorably in industry standards and regulations [7] - Its business model includes a tiered system of SaaS tools, custom development, and industry solutions, achieving a customer repurchase rate exceeding 65% [8] Group 4: Future of the Digital Human Industry - The balance between "technical depth" and "application breadth" is crucial for the future of the digital human industry, with Xiangyan Technology exemplifying the value of hard tech in this space [9] - As AIGC technology matures, digital humans are expected to evolve from mere tools to indispensable partners across various scenarios [9]

Group 1 - The Shanghai government has introduced measures to support the development of key technologies such as digital humans, digital twins, virtual reality, and spatial computing [1] - The digital human industry is experiencing rapid growth, with various local governments launching new digital human initiatives to enhance industry development and consumer services [1] - The digital human market in China is projected to reach approximately 4.12 billion yuan in 2024, representing an 85.3% increase from the previous year [2] Group 2 - The market size for AI digital humans is expected to grow to 5.91 billion yuan by 2025 and reach 25.05 billion yuan by 2029 [2] - The reduction in production costs due to technological advancements is a key factor driving the expansion of digital human applications and market size [2] - A total of 23 financing cases in the digital human sector have occurred in 2023, with a total investment amounting to 3.507 billion yuan, indicating a strong investment interest [2] Group 3 - Experts predict that digital humans will become an integral part of daily life and work across various industries as the sector matures [3] - Companies are encouraged to focus on cultivating differentiated competitive advantages and developing digital humans tailored to specific fields to contribute to high-quality industry growth [3]